Oil rises as OPEC plans further output cuts

MomingZhou

NEW YORK (MarketWatch) -- Crude-oil futures rose Monday on news that the Organization of Petroleum Exporting Countries could cut its production further after a reduction of 2.2 million barrels a day the cartel agreed to last week. Crude for February delivery was last up 70 cents, or 1.7%, at $43.06 a barrel in early electronic trading. OPEC President Chakib Khelil said on Sunday that OPEC was willing to further cut production as much as was necessary to stabilize oil prices, the Associated Press reported.

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